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The big picture: Snap is losing top executive leadership

Logo of Snap Inc. at New York Stock Exchange in New York. Photo: Xinhua/ Wang Ying via Getty Images

Electric carmaker Tesla on Tuesday picked up Snap’s Vice President of monetization engineering, Stuart Bowers, as its VP of engineering, Cheddar reports.

Why it matters: Bowers is the latest in a string of almost a dozen top executives who have left Snap after its initial public offering early last year. The 3,000-person company's 27-year-old CEO and founder Evan Spiegel had said that all managers would be assessing their team sizes and locations amid several rounds of layoffs at the social media company.